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The principal place of business of the most significant joint ventures and associates disclosed above is the Russian Federation. The reconciliation of carrying amount of investments in associates and joint ventures as of the beginning of the reporting period and as of the end of the reporting period is shown below:

The total amount of dividends received from associates in 2013 equals to RUB 578 million. The total amount of dividends received from joint ventures in 2014 equals to RUB 7,453 million (2013: RUB 3,827 million).

Slavneft

The Group’s investment in JSC Slavneft and various minority stakes in Slavneft subsidiaries (“Slavneft”) are held through a series of legal entities. Slavneft is engaged in exploration, production and development of crude oil and gas and production of refined petroleum products. The control over Slavneft is divided equally between the Group and Rosneft.

SeverEnergy

The Group’s investment in SeverEnergy LLC (SeverEnergy) is held through Yamal Razvitie LLC (Yamal Razvitie, a 50%:50% joint venture between the Group and JSC Novatek) owning initially a 51% equity interest in SeverEnergy. In December 2013 and March 2014 Yamal Razvitie acquired 60% interest and 20% interest, respectively, in Artic Russia B.V. owning 49% stake in SeverEnergy. As a result Yamal Razvitie LLC owns 90.2% share in SeverEnergy LLC. The effective share of the Group in SeverEnergy increased from 25.5% to 40.2% and 45.1% respectively. SeverEnergy is developing the Samburgskoye, Urengoiskoe and Yaro-Yakhinskoye oil fields and some other small oil and gas fields located in the Yamalo-Nenetskiy autonomous region of the Russian Federation.

The Group and Novatek negotiated a series of linked transactions that aim to simplify ownership structure and achieve parity shareholdings in SeverEnergy upon completion. The Group provided several long-term loans to Yamal Razvitie of which Yamal Razvitie financed RUB 34.9 billion on acquisition of additional 20% share in Artic Russia B.V. The loans will form the Group’s contribution in equity of Yamal Razvitie upon completion of the restructuring of the joint venture. The carrying amount of the Group’s investment exceeds the Group’s share in the underlying net assets of SeverEnergy by RUB 19.8 billion as of December 31, 2014 due to complex holding structure, current financing scheme and goodwill arising on acquisition.

The summarised financial information for the significant joint ventures as of December 31, 2014 and 2013 and for the period ended December 31, 2014 and 2013 is presented in the table below. The summarised financial information refers to the amounts included in the IFRS financial statements of the joint ventures. Summarised financial information on SeverEnergy includes assets and liabilities of Yamal Razvitie LLC as holding company. Other change of net assets of SeverEnergy relates to fair value adjustments on acquisition of additional share in March 2014.

Current and non-current financial liabilities of SeverEnergy include RUB 130 billion Yamal Razvitie payables to Sberbank and the Group under the loan agreements.

As of December 31, 2014 the Group has contingent liabilities and commitments in relation to its associates and joint ventures in amount of RUB 22.5 billion (2013: RUB 13.1 billion).

Others

The aggregate carrying amount of all individually immaterial joint ventures and associates as well as the Group’s share of those joint ventures’ and associates’ profit or loss and other comprehensive income are not significant.

Other investments include effective 9.1% share in CJSC Northgas (Northgas), where the Group has a significant influence due to presence in the Board of Directors. On July 1, 2014 the Group acquired 18.2% share in LLC Gazprom Resource Northgas from Gazprombank for consideration of RUB 8.6 billion providing the Group with significant influence. LLC Gazprom Resource Northgas owns 50% share in Northgas.

In May 2014 LLC Sibgazpolimer (a 50%:50% joint venture between the Group and JSC Sibur Holding) acquired 50% in LLC Omskiy zavod polipropilena (Poliom). As a result of the transaction the Group has 25% effective share in Poliom. Main activity of Poliom is production of polypropylene.